US court said PDVSA debt repayments impossible due to Venezuela sanctions

The US District Court for the Southern District of New York denied Dresser-Rand Company’s motion for summary judgment to collect on a Promissory Note issued by Venezuela’s state-run oil company PDVSA for the sum of $119,645,069.70. Order and Opinion (from February 2020) here. The Court held that US sanctions designating PDVSA under Executive Order 13850 created an “impossibility of payment” …